Owning Bitcoin (BTC) has always been about owning private keys. But in 2020, the growing adoption requires another reminder.
Second Proof of Keys Event
January 3, 2020, is the second “Proof-of-Keys” day, after the event was initiated last year, the brainchild of Bitcoin investor Trace Mayer. Last year, the event created a significant outflow from exchanges, as owners are urged to move their coins to a private-key wallet and claim ownership.
The day for taking stock of coins was chosen to also mark the creation of the Bitcoin Genesis Block. This year, the Bitcoin network turns 11, and heads into another decade with multiple challenges and a significant growth in value.
Happy genesis day #Bitcoin!
Remembering, not your keys not your coins. #ProofOfKeys
— Man₿it [Jan/3➞₿∎] (@ManBytesCamera) January 3, 2020
The effort to serve all withdrawals caused some stress, especially for small-scale exchanges. In 2019, storing BTC on exchanges also grew, with hot and cold wallets holding as much as 6.7% of the supply.
However, January 3 did not…